15 January 2008 07:54 [Source: ICIS news]
DUBAI (ICIS news)--The Saudi Arabian Fertilizer Company (SAFCO), an affiliate of the Saudi Basic Industries Corporation (SABIC), on Tuesday reported a more than doubling in fourth quarter net profit.
Its net profit was Saudi riyals (SR) 741.5m ($200.21m) – the highest since it was formed – compared to SR315m in the same period of 2006, the company said in its preliminary results on the Saudi stock exchange.
For the full year, its net profit rose 92% to SR 2207.8 m from SR1151.3m in 2006, due to high urea values, which reached $405/tonne.
Beside the high prices for urea, the company also benefited from the start of commercial production at its new plant, Safco 4. The facility produces 1.1m tones/year of urea and 1.1m tones/year of ammonia.
SAFCO was formed in 1965 as joint venture between the Government and the citizens of ?xml:namespace>
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